Progressive's Accident Response; Crum & Forster insurance for CISOs

November 24, 2024 3:35 PM

A person pressing a key that reads insurtech

Enjoy complimentary access to top ideas and insights — selected by our editors.

The following summaries are written by the Digital Insurance editorial staff.

Digital Insurance reviews a high volume of news leads every week for this and other stories. Please send press releases and other information to kaitlyn.mattson@arizent.com.

Progressive launches Accident Response

Progressive launched its Accident Response feature to connect policyholders with emergency and tow services. The feature provides people using the Progressive app an option to use phone sensors to detect when there is a major accident. If an incident is detected, Progressive reaches out to the policyholder to see if help is needed and then the policyholder can request emergency services or a tow truck through the app. The feature is unavailable in California.

Jim Haas, Progressive business leader for personal lines telematics, said in a statement: "Progressive has always put safety at the forefront of our services, creating new innovations with the needs of our customers in mind. Accident Response offers Progressive customers peace of mind by connecting them with the help they need after an accident and quickly starting the process to get them back on the road."

Safeco Insurance agrees to book transfer with Main Street America Insurance

Safeco Insurance, a Liberty Mutual company, entered into a book transfer agreement with Main Street America Insurance, a property and casualty insurer. The agreement includes seven lines of business in 22 states. The transition will begin in 2025 and is subject to regulatory requirements in relevant jurisdictions, according to the press release.

"This represents one of the largest book transfer opportunities for Safeco and our agents and reinforces our position as a leading personal lines carrier for independent agents," said Luke Bills, president of independent agent distribution, U.S. retail markets, Liberty Mutual Insurance, in a statement. "This partnership will amplify our growth potential in several states and pave the way to expand our network of agency relationships."

Crum & Forster announces new insurance for CISOs

Crum & Forster announced its new professional liability insurance coverage for chief information security officers (CISOs). The solution protects CISOs from personal liability and fills a gap in coverage. Traditional directors & officers' policies may not recognize CISOs as corporate officers.

"C&F is committed to supporting CISOs as they navigate their high-stakes role," said Leigh McMullan, SVP, executive risk, Crum & Forster, in a statement. "Our CISO professional liability solution underscores C&F's commitment to offering innovative, targeted coverages that meet the evolving needs of cybersecurity professionals."

Marsh acquires McGriff Insurance Services

Marsh McLennan announced the acquisition of McGriff Insurance Services, and that the more than 3,500 employees will join Marsh.

John Doyle, president and CEO of Marsh McLennan, said in a statement: "We are thrilled to welcome the McGriff team to Marsh McLennan. Their deep specialty and industry capabilities will strengthen Marsh McLennan Agency's value proposition and expand our reach in the growing middle market. Together, McGriff and MMA will deliver even greater value to clients."

Clearwater Analytics partners with IAPM

Industrial Alliance Portfolio Management (IAPM) announced a partnership with Clearwater Analytics to enhance its attribution and risk analytics capabilities. Through Clearwater Analytics' Risk and Performance solution, IAPM users can customize performance benchmarks and metrics, optimize workflows and advance its investment accounting platform.

"With Clearwater Analytics, IAPM is well-positioned to enhance its risk and performance strategy," said Scott Erickson, chief revenue officer at Clearwater Analytics in the press release. "This collaboration enables IAPM to leverage precise data analysis and robust performance attribution, allowing them to effectively navigate the complexities of multi-asset portfolios. Clearwater Analytics provides the necessary tools to uncover actionable insights, optimize investment strategies, and maintain a competitive advantage in a dynamic market landscape."

iPipline and Luma announce collaboration

Luma Financial Technologies, a fintech software platform for brokers and dealer firms, announced a collaboration with iPipeline. The companies developed a solution that simplifies workflows and enhances accuracy across the life and annuity insurance sales process for Brokerage General Agencies (BGAs), Independent Marketing Organizations (IMOs) and broker-dealers.

"Our collaboration with iPipeline underscores our commitment to providing innovative technology that enhances the efficiency and effectiveness of advisors and agents handling annuity and life insurance solutions for their clients," said Jay Charles, Luma Financial Technologies managing director and head of insurance products, in the press release. "By integrating iPipeline's capabilities into our latest insurance offering, we're setting a new benchmark for streamlined workflows and exceptional client service in annuities and life insurance."

Tokio Marine Group partners with Resilient Cities Network

Tokio Marine Group announced a partnership with the Resilient Cities Network (R-Cities), an urban resilience network that supports communities with expertise, projects and solutions. Tokio Marine will provide support and expertise to the Resilience Finance Taskforce and serve as its underwriting partner.

Brad Irick, co-head of international business of Tokio Marine Holdings, said in the press release, "The global risk landscape is becoming more volatile. The world needs better solutions for risk management, mitigation and recovery. Finance and insurance play a critical role in helping to rebuild people's lives and businesses in the wake of devastating events. By partnering with cities to provide support where it's most needed, we can develop solutions designed to weave resilience into the fabric of society. Our commercial partnership with R-Cities will enable us to harness our 140+ years of expertise to find innovative solutions that help strengthen urban resilience."